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EU Clears Cypriot Plan To Fold Bank With €6B In Bad Loans

Law360, London (June 20, 2018, 3:22 PM BST) -- The European Commission has approved a Cypriot government plan to inject €3.5 billion ($4 billion) into the country’s second-largest lender to facilitate its liquidation, which will see some of its assets and deposits sold off to fellow national lender Hellenic Bank PCL.

The commission said on Tuesday that the liquidation of Cyprus Cooperative Bank Ltd. and the Cypriot scheme “will remove about €6 billion of nonperforming loans from the Cypriot banking sector and thereby contribute to its recovery.”

The bank has been hampered by a very...
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